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Friday, April 29, 2016

Understanding of Probate - The Process of Assets Transfer After a Person's Death

When someone dies, his or her assets should go through probate.
The probate process includes collecting the deceased's assets, paying
off liabilities and necessary taxes, and administering property to heirs
as per the will.

Probate of decedent's Will

During
this process, authenticity of the deceased's will is to be proved in
the court of law. Will of a deceased must be probated soon after his or
her death. Nobody has a right to hold it back at any cost.
The
decedent's attorney or the person possessing the will of decreased, will
need to produce it immediately, or within the specified time. There are
penalties for destroying or concealing the will.

Probate Proceedings

The
procedure starts only when there is the involvement of an official
executor. If you are well versed with the different kinds of laws that
are involved, then you can submit your application to be the executor on
behalf of the friends or relatives.

The first thing to do here is to file a formal request. The applications
should be submitted in the local court of the same country, where the
deceased lived the last days of his or her life. Along with filing the
probation documents, you should also produce the original death
certificate of the deceased.

After filing the documents in the court, it the next step is to inform
the creditors of the deceased. You can advertise about the probate in
the newspapers, or on any other such local media.

You can let the heirs and beneficiaries of the departed know about the
probate process, by mailing the court notice to their respective mailing
address or by emailing it to them. You will need to document every
notification sent to the successors who are in the line, and submit them
to the court before the probate process commences.

You can complete all the procedures within the nine
months duration, which is after the date of death of your client. There
are many benefits from letting your client know beforehand about what
will happen with his or her possessions after death.

The distribution of property among the beneficiaries will take place
only after clearing off the debts taken by the diseased from different
sources.

The entire process will be completed with transferring of the deceased's possessions to the rightful beneficiaries.

The inheritance money will be handed over to the next
successor in line in many ways such as, funeral expenses, debt and
taxes, family allowances, costs of estate administration, etc.